• The Annual Report-o Consists of 4 basic financial statements PLUS Management’s discussion and analysis of financial condition and results of operations- covers company’s ability to pay near-term obligations, ability to fund operations and expansion, and results of operations Notes to the financial statements- clarify info presented in financial statements, as well as expand upon it where additional detail is needed. Info does not have to be quantifiable (numeric) Excerpt from auditors report- prepared by an outside independent auditor states the fairness of the presentation of the financial position and results of operations and relates them to conformance with generally accepted accounting standards • Accounting Entities and Sources of Accounting Rules o FASB-Financial accounting standards board, standard-setting body in the U.S. o SEC-Securities and exchange commission, U.S. government agency that oversees U.S. financial markets and accounting standard-setting bodies
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